Iran Leadership in Turmoil After Strike

Ayatollah Khamenei's death occurred during a series of US-Israeli strikes on February 28, 2026, targeting Iranian military infrastructure and security forces. Operation Epic Fury, launched by the US, aimed to dismantle Iran's missile capabilities amid heightened tensions. In response, Iran has attacked US bases and allies across the region. Mojtaba Khamenei, son of the late Ayatollah, was swiftly chosen as his successor by the Assembly of Experts. This move is seen as a continuation of hardline policies and a direct rebuke to the U.S., which had deemed Mojtaba an "unacceptable" choice. Despite never holding an elected or appointed government position, Mojtaba had long been considered a contender. The strikes and subsequent instability have significantly impacted global energy markets. Brent crude oil prices initially surged 10-13% to $80-82 per barrel, and analysts predict prices could reach $100 if the Strait of Hormuz remains closed. The closure, enforced by the IRGC, disrupts 20% of global oil supplies. The conflict has triggered a temporary transfer of power to a three-man Interim Leadership Council. This council consists of President Masoud Pezeshkian, Chief Justice Gholam-Hossein Mohseni-Eje'i, and cleric Alireza Arafi. However, de facto power is expected to reside with the security elites and the Islamic Revolutionary Guard Corps (IRGC). The US Central Command released footage showing missile strikes on Iranian ballistic missile launchers, stating that over 300 launchers have been destroyed. Iran has decentralized its command structure, empowering regional commanders to act autonomously. Several Iranian missiles have been intercepted over Turkish airspace by NATO forces, leading to diplomatic tensions. Cluster bomb missile strikes in central Israel have resulted in civilian casualties. Analysts suggest that the appointment of Mojtaba Khamenei signals a rejection of compromise and a path towards confrontation. The new leadership is likely to govern in a more securitized environment, relying heavily on intelligence and military institutions. The conflict has raised concerns about global inflation, potential food shortages, and economic instability, particularly if the Strait of Hormuz remains closed.